Welcome news for the much needed changes to business rates for small business owners.
The Chancellor has extended the current small business relief provisions for a further year, until April 2015. With the new tax changes coming into effect last month, previously properties with a rateable value of below £6,000 were subject to a 50% discount, with the new changes now in place this has been increased to 100%.
In recent months I have been contacted by a number of my constituents who voiced their concerns about the effect the rates were having on their businesses. The government has clearly listened to those concerns and have reacted very positively in support of our small local businesses.